Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Non-Deal Roadshow (January 2026)
36 slides from Renew Energy Global's roadshow presentation, January 2026
Slide 1: Non-Deal Roadshow
Non-Deal Roadshow January 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the
Slide 3: Agenda
AGENDA 1 2 3 Introduction India Our Key Renewables Strengths Opportunity 4 5 6 Finance ESG & Annexures Highlights Sustainability 3
Slide 4: Our Vision and Our Values
OUR VISION To be a global leader of the clean energy transition OUR VALUES Pioneer Responsible Excellence Partner 4
Slide 5: Introduction
Introduction 01 5
Slide 6: A 15 Year journey of leading Indian renewables
A 15 Year journey of leading Indian renewables Shri Narendra Modi Doubled its operational Listed on the NASDAQ Entered the Solar PV Secured $100 M investment inaugurated ReNew’s capacity and crossed the index and crossed 6 GW manufacturing space, plants from BII for solar first utility-scale wind 2
Slide 7: Market leading presence across the full spectrum of the clean energy landscape in India
Market leading presence across the full spectrum of the clean energy landscape in India Committed capacity of 18.5 GW (+1.1 GWh BESS)1 | Total Pipeline of 25+ GW (+~3 GWh BESS) Utility Corporates Manufacturing Solar Wind C&I2 Modules 6.3 GW 3.7 GW 2.5 GW Committed capacity Committed capacity Committ
Slide 8: One of the largest renewables companies in India with an industry leading market share
One of the largest renewables companies in India with an industry leading market share Installed renewables capacity (GW) and market share (%) 9% 6% 4% 4% 4% 2% 2% 1.4# 16.7 11.6 7.5 * 7.4 * 7.1 4.3 2.9 Peer 1 ReNew Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Source: Company information, Publicly available i
Slide 9: ReNew has continued to grow & create shareholder value over the last 12 months
ReNew has continued to grow & create shareholder value over the last 12 months Q2 FY25 – Q2 FY26 2.1 GW • 2.1GW commissioned since Q2 FY25 end Execution • 1.2GW YTD; MW guidance reiterated 6.5 GW • INR 12.8 bn consol Adj. EBITDA (Q2 FY26 TTM) Manufacturing M+C • Raised $100 mn from BII at a $1 bn+ v
Slide 10: India Renewables Opportunity
India Renewables Opportunity 02 10
Slide 11: India's Electricity Demand Expected To Increase Rapidly
India’s Electricity Demand Expected To Increase Rapidly Strong electricity demand growth in recent years India’s Peak Demand Continues to Climb(1) ▪ 6-8% per annum increase in electricity demand expected over next few years. 366 ▪ 1,694 Billion Units (“BU”) electricity demand in FY25 and 250 GW peak
Slide 12: Incremental capacity addition to come from renewables
Incremental capacity addition to come from renewables Substantial new capacity addition required to meet 500 GW non fossil fuel capacity target by 2030 Renewables share to increase from 50% to 62% by 2030 206 GW wind and solar capacity expected to be added through 2030 2% 2% 2% 2% Coal + Lignite + d
Slide 13: Shift Towards Auctions With Storage
Shift Towards Auctions With Storage Higher auction volumes driven by power demand growth Strong uptick in RE auctions*; hybrid/complex auctions take the highest share • Increasing share of Solar + BESS due (in GW) Total to falling input prices 73.2 GW Total 8.9 • 73+ GW RE (including BESS) auctioned
Slide 14: Significant uptick in auction activity, complex bids and PPAs
Leading to significant uptick in auction activity, proportion of complex bids and signing of PPAs Strong momentum in auction activity since FY24 Complex / Hybrid tenders account >50% of overall tenders since FY24 Capacity auctioned (GW) ReNew Vanilla: Wind & 8% 3% 13% 7% 7% Solar win % 11% Hybrid 30
Slide 15: C&I segment a key driver for renewable growth in the country
Commercial & Industrial (C&I) segment a key driver for renewable growth in the country C&I segment to be a key growth driver for renewables in India C&I contributes 50% to consumption mix, but renewable penetration is low C&I renewables installed capacity is expected to more than double by 2030 Elec
Slide 16: Our Key Strengths
Our Key Strengths 03 16
Slide 17: We are well placed in India's renewables market
We are well placed in India’s renewables market, enjoying leading market share across multiple segments Installed RE capacity: #2 in India, operating portfolio of 11.6 GW (as of Nov’25) C&I: Leading player in India with 2.7 GW of portfolio with high quality offtakers; ~2 GW installed Connectivity: S
Slide 18: Consistent and profitable growth since listing
Consistent and profitable growth since listing Portfolio (GW) EBITDA (INR mn) 19.6 19.9 1.1 1.4 Guidance 87-93 bn 14.1 14.2 7.3 6.8 0.4 0.8 11.1 0.5 10.2 3.9 0.4 5.7 0.3 18.5 18.5 79,188 3.1 4.3 69,216 13.7 13.4 62,004 11.6 55,144 9.9 10.7 10.7 53,459 9.5 7.6 8.0 5.6 41,870 FY21 FY22 FY23 FY24 FY25
Slide 19: In house manufacturing with surplus sold to market at attractive margins
In house manufacturing with surplus sold to market at attractive margins Dholera cell plant (2.5 GW) Dholera module plant (2.4 GW) Jaipur module plant (4 GW) ▪ Module supply agreement in place. 40-60% of the annual production expected to be Module and Cell Production (GW) used for captive consumptio
Slide 20: ReNew is at the Forefront of Energy Transition for India's C&I Segment
ReNew is at the Forefront of Energy Transition for India’s C&I Segment Well Oiled Execution Engine, with a Rich Parentage and Demonstrated Growth Business Overview Capacity Overview (in GW) • Market leading franchise catering to the C&I segment for over 10 years • ‘Partner of Choice’ with Long-term
Slide 21: Transmission Fully Secured for Full 25+ GW Pipeline
Transmission Fully Secured for Full 25+ GW Pipeline Transmission is the infra backbone for growth Approved Connectivity through till 2030 (in GW) Others ReNew ▪ CTU/STU connectivity and EHV buildout on a timely ReNew, 12.8 GW basis are critical differentiators for long term growth ▪ Connectivity thr
Slide 22: Best in class financing and capital management capabilities
Best in class financing and capital management capabilities Demonstrated track record of raising multi bn dollar debt + recycling assets at attractive pricing Strong financing track record with a large & diverse lender base Efficient capital management philosophy – recycling assets to drive superior
Slide 23: Finance Highlights
Finance Highlights 04 23
Slide 24: Q2 FY26 operating performance
Q2 FY26 operating performance Key metrics (INR bn) ▪ Total portfolio ~18.5 GW (+ ~1.1 GWh BESS) ▪ 11.6 GW+ operating capacity; up 15% YoY and up 22% 41.2 39.0 38.6 36.3 adjusted for asset sales 29.9 26.7 27.2 26.2 ▪ Wind: 5.4 GW, Solar: 6.1 GW, Hydro: 99 MW 24.2 ▪ 6.8 GW+ committed capacity 7.7 4.9
Slide 25: EBITDA expansion enables reduction in leverage
EBITDA expansion enables reduction in leverage Continue to pursue long term run rate leverage target of under 6.0x on a consolidated basis Significant reduction in leverage levels Q2 FY26 vs Q2 FY25 Adj. EBITDA walk (INR bn) 3.3 (2.1) YoY on account of cash generation (1.7) 2.5 ▪ Leverage reduced co
Slide 26: ESG and Sustainability
ESG and Sustainability 05 26
Slide 27: Leading the way in ESG in the RE sector and beyond
Leading the way in ESG in the RE sector and beyond ESG ESG Leadership Leadership Awards Climate & Nature Action S&P Global Corporate Sustainability Fortune Change The World List 2025 Climate Action Report F.Y. 2024-25 Assessment ✓Registered a score of ✓Recognized for the ✓Published inaugural 83, the
Slide 28: Bolstering Our ESG Targets
Bolstering Our ESG Targets 2025 Short Term Targets 2030 & 2040 Long Term Targets FY 2025-26 Completed Our ESG Targets Update for Q2 – FY 2025-26 Status To be validated as carbon neutral (scope 1 & 2) annually • Carbon neutrality verification for 150+ sites for FY 2024–25 completed (5 times in a row)
Slide 29: Annexures
Annexures 06 29
Slide 30: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 18.5 GW Technology Solar 10.5 GW Wind 7.9 GW Hydro 0.1 GW Commissioned Committed Commissioned Committed Project Stage 6.1 GW 4.4 GW 5.4 GW 2.5 GW Hydro (Commissioned) 0.1 GW Centre State Corporate Centre State Corporate PPA Counterparty
Slide 31: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables Consistent reduction in the DSO across quarters % share in total Days Contribution ▪ DSO(4) 84 days at Sep’25, improved by 10 days YoY and 28 days in Offtaker DSO receivables to DSO 2 years (2) (3) ▪ Lower DSO reflective of improved offtaker
Slide 32: Updated shareholders and diluted shares
Updated shareholders and diluted shares Economic Shareholding(1) Total Shares Outstanding For ReNew Energy Global PLC August’21 (Listing date) Current Shares (mn) Particulars 35.6% 21.3% 26.7% Class A Shares 244.5 Class B Shares(3) - 2.9% 3.6% 7.4% 53.4% Class C Shares 118.4 6.7% Class D Shares(3) -
Slide 33: Trading Multiples as of December 31, 2025
Trading Multiples as of December 31, 2025 European Players North American Players Indian Players CY26 EV/EBITDA Multiple 10.0x 15.1x 13.0x 25.7x 18.3x 17.2x 11.4x 12.5x 11.7x 11.7x 11.3x 11.6x 11.4x 9.5x 8.7x 8.1x 7.8x 9.0x ReNew Energy Global Plc EDPR ORSTED SCATC XIFR CWEN BEP NTPC TATAPOWER NTPCG
Slide 34: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, September 30, September 30, 2025 2025 2025 INR mn INR mn US$(4) mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances and investments 83,215 97,579 1,099 (including short and long term)(1) Property, plant and equi
Slide 35: Our Leadership
Our Leadership Sumant Sinha Kailash Vaswani Vaishali Nigam Sinha Balram Mehta Sanjay Varghese Founder, Chairman and CEO Chief Financial Officer Co-Founder & Chairperson COO & Group President ReNew Services & Group President Sustainability Wind Projects Solar Manufacturing and Solar Projects Vikram K
Slide 36: Partner with us
Partner with us as we continue to shape The Future of Energy. ©copyright: This presentation is the sole property of ReNew. Reproduction and distribution without written approval is prohibited.
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